March 17, 2010 5:54 PM

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Crude oil crosses USD 82 as inventories slip

Crude oil prices rose above 82 dollars a barrel in Asia, today, after a report showed that US crude inventories grew less than expected last week.Benchmark crude for April delivery rose 38 cents, to 82.08 dollars a barrel on the New York Mercantile Exchange. The contract had gained 1.90 dollars, to settle at 81.70 dollars a barrel, yesterday, after the Federal Reserve said it plans to hold interest rates at record lows. Crude inventories rose 400,000 barrels last week, the American Petroleum Institute said yesterday. Analysts had expected an increase of 1.9 million barrels. And leaders of the 12-nation Organisation of Petroleum Exporting Countries have signaled they don't expect the group to change production quotas when it meets today in Vienna.

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